1- The game works in the official release but with flickering menus and in races the cars dont have textures ( this is in Hardware mode both DX9 and DX11).
2- The game don't work in the offical release in Software mode (PCSX2 stuck in a black screen and after some seconds you can hear a "blip" and sometimes PCSX2 crashes)
3- Tried with latest SVN and is the same as the #2 (both Hardware/Software and both DX9/DX11)
4- Tried various clamping modes to fix the missing textures but without success.
5- Also tried with ZeroGS in the latest SVN but is the same as the #2

Issue has not been pushed to Github, but most of the issues are fixed by now(or will be soon).

To fix the car textures in Hardware mode go to Config > Video (GS) > Plugin Settings, set Renderer to "OpenGL (Hardware)", make sure Blending Unit Accuracy is set to at least "Basic"(the default option), and Texture Filtering is set to "Bilinear (PS2)"(the default option), "Nearest" or "Trilinear".

- FlatOut
Thank you for your report.
This bug report has now been marked as Pushed and has been posted as an issue in our Github repository HERE